Contact Us
Hackensack Daily Voice serves Hackensack, Maywood, Rochelle Park & South Hackensack
Return to your home site


Hackensack Daily Voice serves Hackensack, Maywood, Rochelle Park & South Hackensack

Nearby Towns

Breaking News: Boy Hospitalized After Plunging From Mall Parking Deck In Paramus
lifestyle Content Partnership

Freedom Bank Explains All You Need To Know About Mortgages

John Buccinna, VP of Residential Lending at Freedom Bank.
John Buccinna, VP of Residential Lending at Freedom Bank. Photo Credit: Freedom Bank

NEW JERSEY -- Buying a home can trigger a variety of emotions. Excitement of having a new place to call your own, fear of the unknown and most often, concern about how to pay for it. Thanks to the home lending experts at Freedom Bank, purchasing the home of your dreams can be easier than expected.

“For many homebuyers, the biggest obstacle can be saving for a down payment,” said John Buccinna, VP of Residential Lending at Freedom Bank. Thanks to some new programs such as HomeReady and Home Possible, homeowners-to-be can get approved with as little as three percent down. Ideally, if you put 20 percent down, you avoid having to pay mortgage insurance all together. How long you plan to stay in the house, and what your goals are, will help you determine whether you should consider mortgage insurance alternatives such as lender paid mortgage insurance, and or whether you consider a fixed rate mortgage, versus an adjustable rate mortgage.

Before applying for a mortgage, it is wise to have personal finances in order. “People should prepare themselves, as every “I” gets dotted and every “t” gets crossed,” said Buccinna. This includes reviewing credit reports and clearing up any blemishes. A score of 740 and up will typically qualify for the best rates. Borrowers will need to provide a minimum of two year’s employment history, as well as bank statements for the previous two months. The government requires lenders to provide a good faith determination that the consumer will have a reasonable ability to repay the loan according to its terms. Gone are the No-Income Verification programs. “It may seem a bit more rigorous, but it is for all the right reasons,” said Buccinna.

To learn more about residential lending at Freedom Bank, visit their website.

Daily Voice produced this article as part of a paid Content Partnership with our advertiser, Freedom Bank

We are highly selective with our Content Partners, and only share stories that we believe are truly valuable to the communities we serve.

To learn more about Content Partnerships, click here.

Share this story

Welcome to

Hackensack Daily Voice!

Serves Hackensack, Maywood, Rochelle Park & South Hackensack

Hi! You've read our articles so we know you like our reporting. To keep reading please join our mailing list.

Get important news about your town as it happens.